Implementing IFRS for Canada’s retail and consumer industry may at first look like a complicated, expensive and difficult process. However, the size and complexity can be managed if companies plan ahead before the new accounting and reporting standards become effective.
Many retail and consumer companies throughout Europe and Australia have completed their transition and have applied IFRS since January 1, 2005. The transition for these companies has shown there are some interpretation and application challenges unique to the sector.
The following publication highlights some of the significant differences between Canadian GAAP and IFRS that will impact the retail landscape and how PricewaterhouseCoopers can help manage the transition process. These include property, plant and equipment, inventories, business combinations and subsidiaries, and employee benefits.